Cushman & Wakefield Sells Development Site in Greenwood Heights
A development site at 213-215 20th Street, located between Fourth and Fifth Avenues in Brooklyn’s Greenwood Heights neighborhood, was sold in an all-cash transaction valued at $3,000,000.
The approximately 50’ x 100.17’ site consists of two contiguous parcels located in an R6B zoning district. The site currently consists of two, two-family buildings which were delivered vacant. It holds approximately 10,000 buildable square feet, with the sale price equating to approximately $300 per buildable square foot.
This development site is located on a quiet block in Greenwood Heights surrounded by outdoor space, including the Green-Wood Cemetery, Prospect Park, Sunset Park, and the waterfront district. The property is three short blocks from the Prospect Avenue R train, offering direct access to Downtown Brooklyn and Manhattan in 15-20 minutes. Additionally, the Brooklyn-Queens Expressway and Prospect Expressway are in close proximity.
“By marketing these two parcels together, we were able to create a premium for each, and offer the market a 50 foot site. Through our extensive process, we were able to procure a buyer that closed on the two parcels for $300 per buildable square foot, making it one of the highest recorded development site sales in Greenwood Heights,” said Cushman & Wakefield’s Aaron Warkov, who exclusively handled this transaction.